Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0005%/8h= −0.6% APRpaid last 24h +0.072%

Price spread now: Injective against Orderly+3.353%58s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.638%+$64 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Injective is 3.353% dearer against Orderly than usual: you sell high and buy low, +$335 on $10k if it goes back to zero (this spread has no 7-day history yet). The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_S_USDC	0.03967	0.0039	pay 0.0019% / 4h	2h 53m	$101K	$331K	10x
Short	Injective S/USDC PERP	0.04100	0.0033	get 0.0004% / 1h	53m 35s	$2K	$37K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Orderly. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee OrderlybpFee InjectivebpOrdersPrice spread, now +3.353%Rate

Funding earned: −$1.11
Price spread: +3.353% → 0.000%: $335.27
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $328.13
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Injective: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Orderly no order-book sample	—	—	—	—	—
Sell Injective no order-book sample	—	—	—	—	—

Orderly and Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

S on 25 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International S-PERP-INTX	−0.1464%	1h	0.03946	−0.529%	$49K	$5K	25x	as long as short
01 Exchange SUSD	−0.1368%	1h	0.03840	−3.201%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1278%	1h	0.03964	−0.072%	$34K	$23K	10x	as long as short
Variational Omni S	−0.0631%	4h	0.03947	−0.494%	$614K	$30K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.03963	−0.093%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03958	−0.223%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03963	−0.110%	$611	—	150x	as long as short
Injective S/USDC PERPshort	+0.0033%	1h	0.04100	+3.353%	$2K	$37K	12x
Orderly PERP_S_USDClong	+0.0039%	4h	0.03967	long leg	$101K	$331K	10x
Lighter S	+0.0096%	1h	0.03977	+0.252%	$163K	$164K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.03975	+0.192%	$994K	$609K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03972	+0.123%	$43K	$141K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03986	+0.472%	$5.4M	$15.4M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03978	+0.277%	$5.7M	$4.9M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03983	+0.403%	$970K	$4.3M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03976	+0.227%	$327K	$199K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03980	+0.328%	$3.6M	$1.8M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03974	+0.176%	$1.8M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03981	+0.353%	$1.2M	$2.4M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03980	+0.328%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03980	+0.328%	$26K	$446K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03981	+0.349%	$223K	$1.1M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03952	−0.378%	$268K	$119K	75x	as long as short
Backpack S_USDC_PERP	+0.0452%	1h	0.03980	+0.328%	$116K	$329K	5x	as long as short
Deribit S_USDC-PERPETUAL	+0.0758%	1h	0.03974	+0.176%	$67K	$10K	10x	as long as short